| Constructing a new management system for state-owned assets is the greatest problem and the most urgent task in the development of national economics. The 16th Congress of CPC points out a new direction of management system for state-owned assets. According to the 16th Congress of CPC, in the practice and theory about the reform of the management system for state-owned assets in China, it has progressively formed the three-level management system for state-owned assets: management commission of state-owned assets, state-owned holding company and state-owned company. State-owned holding company is a very important link in the three-level management systems, but it has a lot of disputes and issues at the same time. In both theory and practice, it has very important meaning to study state-owned holding company. This paper is going to research and analyze the issue of the state-owned holding company.The paper has an introduction and four chapters:In the introduction, the author explains the significance that the topic was selected, the background of the paper and how the paper is organized. Chapter one starts with reviewing the reform of the management system for state-owned assets in practice and theory, and the "hu-shen model" is most successful in all state-owned assets models. And then the author summaries the experience of state-owned assets management in foreign countries. From all above, it concludes that forming the three-level management system for state-owned assets is very important to construct the new management system for state-owned assets. As intermediate level of three frameworks, state-owned holding company plays a very important role in the three-level management system.Chapter two expounds the concept and theory of state-owned holding company from three aspects and illustrates its clear outline and frame. The first aspect expatiates the character of holding company, its internal and external relation and its functions. State-owned holding company is a special corporation; its relation with management commission of state-owned assets is investor-investee relationship, but not administration's membership; The relation with national economic functional department is the relation that is the adjust and the adjusted, the supervise and the supervised. The relation of the holding company and its subordinate enterprises is the relation between parent company and subsidiary company. The second aspect expounds the institutional framework and corporate governance of holding company. State-owned holding company should adopt three kinds of basic institutional frameworks: H type, U type and M type, and set up corporate governance that includes board of directors, board of supervisors and manager's administration structure. The third aspect expounds five kinds of feasible ways of forming and developing holding company. The chapter ends with two cases, which illustrate the theory.On the basis of preceding analysis, chapter three has explained the existing problems in the development of state-owned holding company of our country. These problems focus in the four facets: first, there is indeterminate goal in the course of building up state-owned holding company; second, there exists the problem of "insider control", the most important reason of the problem is that the corporate governance is not perfect; Third, from external condition, the capital market and the manager market cannot restrain the state-owned holding company effectively; finally, there lacks a special law about state-owned assets management, and some regulations in "company law" and other relevant laws comparatively lag behind. If these problems cannot be solved well, they will block the development of holding company seriously. To the above question, the fourth part of the paper has put forward some pointed suggestions: the state-owned holding company should concentrate in general competitiveness field, and its primary targets is to pursue profit. The government should separate the owner's function from the adm... |
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